An expose of bad businesses and their unethical practices

Iowa Attorney General Tom Miller has proposed bills that he says would protect Iowa consumers from many of the problems associated with the housing, mortgage, and foreclosure crisis. Miller has called for legislation on four separate issues which he says are costing Iowa citizens time and money.

One bill would require that mortgage brokers act in the best interests of buyers when they are arranging loans, something not required by current law. Another would protect homeowners from fraud by private foreclosure counselors. The third would add a five dollar fee to all mortgages, the proceeds of which would be used to educate homeowners on how to avoid becoming a fraud victim. The fourth would raise the limits affecting the Consumer Credit Code, so that some mortgage transactions would become liable to that law.

The Iowa Association of Mortgage Brokers on Friday gave a preliminary green light to Miller's legislation. "We are committed to working closely with various stakeholders to advocate for legislation that will advance the best interests of consumers, while allowing a fair environment in which Iowa small-business owners can continue to operate in the mortgage industry," Joel Rogers, president of the trade group, said in a statement.